Surging Stocks Put Bears on Their Heels

1/28/2013 10:56AM

The stock rally is leaving strategists with bearish views on the defensive, but companies are taking a less optimistic view of the earnings outlook. Jonathan Cheng reports on Markets Hub. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... I ... a surging stock ... he'll ... yes indeed the Dow Jones Industrial Average all the big stories on the stock indexes ... they are moving online ... but they are moody look at the Dow over the course of the public gets there to look at that move higher since November has been almost a straight line up rolling it ... in the Nasdaq which was up at the Nasdaq forty percent away from its two thousand either no were near but the SNP in the Dow ... getting closer to record territory ... people are sure to talk about it ... you will start to get medieval will be giddy about it ... what is it mean though for them there Jonathan Cheng of the euro ... by John JMR and address should talk about this one today ... hundred years really is a ... great time for bear the man the markets and we were the top of Wednesday ... this is the ... first time for dinner ... you don't then the lights in it doesn't look that way and then feel that way in and I think what's interesting is that at the beginning of the year you typically do a lot of people come out and ... eat quite bullish and we saw ... in the last two is the beginning of two thousand and eleven ... you could argue that ... a lot of the challenges that we have now ... at least been neutralized and yet you have a lot of people coming out and then starting the year three bearish on ... because of ... the size of the reason why U S the little bit there which is that we know the Fed ... aam is still ... out and you actually live here to help the economy Ed meeting this week right right ... with the Fed meeting this weekend and then the earnings story has been began ... a gradual up to buy him ... some people been saying profit margins are extended now and they come back a little bit ... you can start to see people I mean they're very good ... any reasonable explanation for why one might be best at this point ... but he estimated doesn't look good relative to the other thing to point out though is this ... but that it sold just January and a lot of people are not look in the sale with the record high the look that way than this year has given me ... and ... you know on some levels a record high is important for folks like you and I it's important for headline generator and it's important for a lot of people I mean she brought ... it to really managing money and if you're a big institutional investor It did its best of who is still work he talked alot until the storm ... was still were in line this worked ... well lot of people are are some of the shattered just some of them are my new mantra so strategist of actually management of themselves but they are quite high profile people watch that the Senate ... and the set ... a tone for the market you know when and ... how to build a new one ... will do one of the once a night of the Mistry Gina Martin Adams she's over at Wells Fargo Securities ... she has always been bearish and that she was ... aam ... brother bullish and two thousand London two thousand twelve she was ... the ... study that when a little bit mixed in one I spoke to her she said look ... its rear for her to see ... fundamentals and that the market so disjointed meaning ... she sees the market's going higher hire like the rest of us to anyone with a pair of eyes and a ... but I'm conceit of the market's getting stronger but ... she doesn't think the fundamentals are getting stronger ... and that's the disconnect he's trying to figure out you're teasing the year-ago was like that the year-ago ... sauce warrants at these levels obviously but the fundamentals were ... about ... sort of ... where they are now I mean the Fed was still doing what they were doing and earnings were still sluggish ... she thought that that point ... the markets were in line with the fundamentals now have the seed of ... an abundance of cheap